Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Construction Project Management > Cost Estimates Part 1 > Flashcards

Cost Estimates Part 1 Flashcards

1
Q

are prepared throughout the planning, design,
and construction phases of a construction
project

A

COST ESTIMATES

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

is a major factor in most decisions regarding

construction,

A

COST

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

TYPES OF CONTRACTS

A

OF CONTRACT

  1. Unit Price
  2. Cost Plus
  3. Lump Sum
  4. Target Cost
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

 Factors favoring the use of a specific contract

A
  • Providing incentive for efficient performance
  • Introducing changes during construction
  • Allocation of risk between owner & contractor
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

The contractor set a price for each item; the owner

doesn’t know the details of each item pricing

A

UNIT PRICE (Admeasurements Contract)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

can be used when little or no changes are

expected, level of risk is low and quantifiable

A

UNIT PRICE (Admeasurements Contract)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

A single tendered price is given for the completion

of specified work

A

LUMP SUM

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q
  • Payment may be staged at intervals on the

completion

A

LUMP SUM

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

This contract may be used for a turnkey

construction

A

LUMP SUM

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

The contractor is reimbursed for actual cost plus a

special fee for head office overheads and profit

A

COST PLUS/ COST-REIMBURSIBLE CONTRACT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

The fee may be a fixed amount or a percentage of

actual costs

A

COST PLUS/ COST-REIMBURSIBLE CONTRACT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

May be used when the client wishes to be involved

in contract management

A

TARGET COST CONTRACT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q
  • is the compilation of all the costs of
    the elements of a project within an agreed upon
    project scope.
A

ESTIMATING

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

 It is the production of a statement of the
approximate quantity of materials, time and costs
to perform construction decisions

A

ESTIMATING

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

is to produce an
accurate, cost effective prediction of what a project
will most likely cost and it needs to be done in
different manners at different stages

A

objective of cost estimate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

the degree of approximation is even greater
because of the difficulty in predicting all the
probabilities of items such as labor productivity and site
conditions

A

Pricing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Two activities are involved when carrying out an

estimate:

A

Measurement and Pricing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

There are two distinct tasks in estimating: (Purpose)

A

To determine the probable real cost of the project
 To determine the probable real time to build the
project

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

The person who prepares estimates in the planning,

design, and perhaps construction stages

A

ESTIMATOR / QUANTITY SURVEYOR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

He or she must also be knowledgeable of the
expected life of construction materials, accounting,
taxation, law, economics, and awareness of
engineering design

A

ESTIMATOR / QUANTITY SURVEYOR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

The following factors affect the accuracy of cost

estimates:

A
  1. Site, location and accessibility
  2. Subsurface and soil conditions
  3. Time and season
  4. Climatic conditions
  5. Wage agreements
  6. Market prices of basic materials
  7. The demand for construction
22
Q

_____ should have a thorough knowledge of
building trades and types of construction and
methods of construction

A

 Estimator

23
Q

The costs that spent on a specific activity or project can

be classified as:

A 
Fixed cost
Time-related cost
Quantity-proportional cost
Project direct costs
Project indirect costs
24
Q

 The principal components of a contractor’s costs

and expenses result from the use of______________________________

A

labors,

materials, equipment, and subcontractors

25
Q

Additional general overhead cost components

include

A

taxes, premiums on bonds and insurance,

and interest on loans.

26
Q

costs that spent once at specific point of time

A

Fixed cost:

27
Q

costs spent along the activity duration

e.g., labor wages, equipment rental costs, etc.

A

Time-related cost:

28
Q

costs changes with the quantities

e.g., material cost

A

Quantity-proportional cost:

29
Q

These costs are estimates based on detailed analysis
of contract activities, the site conditions, resources
productivity data, and the method of construction
being used for each activity

A

Project Direct Costs

30
Q

Indirect costs comprises

A

project (site)overheads and general (head-office)

overheads

31
Q

The cost of items that cannot be directly

charged to a specific work element

A

• Project overheads

32
Q

It includes site utilities, supervisors, parking,

offices, workshops, stores, first aid facility

A

• Project overheads

33
Q

The costs that cannot be directly attributed to

a specific project

A

General Overheads

34
Q

They represent the cost of the head-office
expenses, mangers, directors, design
engineers, schedulers, etc.

A

General Overheads

35
Q

3 Major Types of Cost Estimate

A

1- Conceptual cost estimates

  1. Semi detailed cost estimates
  2. Detailed cost estimates
36
Q

are developed using incomplete project

documentation;

A

1- Conceptual cost estimates

37
Q

are prepared when parts of the project have

been completely designed;

A

2- Semi-detailed cost estimates

38
Q

are prepared based on fully developed

construction drawings and specifications

A

3- Detailed cost estimates

39
Q

Prepared with very little information, relying on

historical data

A

1- Conceptual cost estimates

40
Q

usually made without detailed design and

engineering data

A

1- Conceptual cost estimates

41
Q

also defined as approximate estimate and used to

know the budget for a project

A

1- Conceptual cost estimates

42
Q

Used to verify that the project can be constructed

at its intended scope within the owner’s budget

A

Semi-detailed Estimate

43
Q

The time taken to prepare this type of estimates

is longer, but the accuracy is greater

A

Design Estimate

44
Q

The estimate in this stage will be based on a

design that is 60% complete

A

Design Estimate

45
Q

The estimate at this stage is a tool used to verify
that the design is within the owner’s budget,
and to identify any good cost saving ideas

A

Design Estimate

46
Q

necessary to perform a

cost estimate

A

Quantity Take-off

47
Q

is the number of units of
work produced by a unit of equipment or a
person in a specified unit of time

A

Production Rates

48
Q

 Initial (preliminary) estimate of the project costs
at the different stages of the project
 Preparing the BOQ as a requirement of the
contract documents
 Estimating the work done for issuing the
contractor payments

A

Quantity Take-off:

Owner perspective:

49
Q

 Pricing different work items
 Identifying the needed resources (Labor,
Equipment, etc.)
 Project schedule
 Preparing invoices for work done
 Subcontractors payments
 Review and control of crews production rate

A

Quantity Take-off:

Contractor perspective:

50
Q

Units of Measurements

A 
Each
length
area
volume
weight
lump sum
effort
51
Q

Measuring units

A 
cubic meter
square meter
linear meter
number
lump sum
52
Q 
Lump sum(L.S.)
 Used for items such as:
A

Manholes
- Lifts
- Item is subcontracted when the contractor
does not have enough experience to construct
it or there is an item which has a small
quantities of many work items, such as
manholes.

Construction Project Management (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions